Healthcare costs are rising, budgets are shrinking and the Cadillac Tax is looming- what’s a Benefits Manager to do? Finding a solution to offering a competitive and comprehensive benefits package that an employer can afford is a full-time job – literally. Benefits strategies take many forms… the key is knowing which ones fit your organization the best.
The idea that one size can fit all is simply not true – not in clothes and certainly not in benefit plans. Not only does one size not fit everyone but even people who wear the same size sometimes have to make alterations. Think about it like this – if two women both wear a size 8 but one is 5’3 and the other is 5’9, how is it possible that the same pair of pants will fit them both properly? It isn’t. One of them would have to have alterations made like letting out the hem or taking in the waist. Benefit plan design is the same way; what fits one employer isn’t necessarily going to work for another, even if they are the same size… or in the same industry or in the same town. Just like that pair of pants, benefit plans may need to be tailored to properly fit each organization.
When you go to a tailor to alter your clothes, they gather facts before they make any changes; data such as how tall you are, the length of your inseam and your waist measurement. Shouldn’t you do exactly the same thing when you tailor your benefit plan – gather the facts? In order to ensure a good fit, you need to know who is covered by your benefit plan, what kinds of services they currently use and what kinds of services they’ll need in the future. Without the data, the alterations you make are likely to fit as poorly as the original solution.
Watch the on demand webinar “The Benefits of Data” to hear how you can gather the facts you need to design a benefits plan that fits the needs of your workforce.